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Question - Lewis, Inc. had the following balances and transactions during 2016:
Beginning Merchandise Inventory 120 units at $84
March 10 Sold 40 units
June 10 Purchased 240 units at $86
October 30 Sold 140 units
What would be reported as Cost of Goods Sold on the income statement for the year ending December 31, 2016 if the perpetual inventory system and the weighted-average inventory costing method are used?
A. $27,360
B. $11,970
C. $15,330
D. $15,390
Profits are shared according to the following scheme: 10% interest on the initial capital investments and the remainder is shared equally.
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